Chartwell Retirement Residences (TSX: CSH.UN) (OTCMKTS: CWSRF), Canada’s largest provider of senior housing, has acquired three retirement residences on Vancouver Island for an aggregate purchase price of $226.9 million.
The three properties have a combined total 384 suites. They include the 152-suite Vista Retirement Residence in Victoria, built in 2023 and purchased for $103.9 million, and the 77-suite Nanaimo Memory Care in Nanaimo, built in 2018 and bought for $20.3 million.
The third property is now under construction: the 155-suite The Edgewater Retirement Residence, located adjacent to Nanaimo Memory Care. It was acquired for $102.7 million and is expected to open in second quarter of 2025.
“These acquisitions of high quality, newly developed residences will positively contribute to the overall quality of Chartwell’s portfolio and expand our presence in the strong British Columbia market,” said Jonathan Boulakia, Chartwell’s chief investment officer. “These transactions will create meaningful scale on Vancouver Island, which provides operating and management synergies. We believe the quality of the acquired properties and their excellent locations, combined with our operating expertise, will support successful lease up and multiyear occupancy and market rate growth. We are pleased to acquire these properties in Canada’s retirement destination below current replacement cost.”
Photo: Nanaimo Memory Care, courtesy Avenir Senior Living
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